New Listing
1017 5th,Santa Monica, CA 90403
Santa Monica, CA 90403
Description
An exceptional opportunity to acquire a meticulously remodeled 11-unit apartment building in one of Santa Monica's most coveted North of Wilshire locations. 1017 5th Street offers the rare combination of a true trophy-quality location, high-end renovated units and investment returns that are exceedingly difficult to find in prime Santa Monica. Offered at $5,485,000, the property generates a compelling 5.39% current cap rate and 13.07 GRM, providing investors with unusually strong in-place cash flow for an asset of this quality and location. The investment becomes even more compelling on pro forma rents, reaching approximately a 6.69% cap rate and 11.03 GRM, with roughly 19% remaining rental upside. The property has undergone extensive upgrades and features beautifully remodeled, high-end units designed to attract Santa Monica's premium renter base. This is not a heavy value-add project requiring years of construction, tenant turnover and capital expenditures. The work has largely been done, creating an exceptionally easy-to-own and easy-to-manage asset with strong income from day one.
Details
| MLS # | SB26194031 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1958 |
| Days On Site | 4 |
| Listing Provided By | Lyon Stahl Investment Real Estate, Inc. | Cameron Samimi |
Features
| SQ Feet | 7,494 |
|---|---|
| Car Port | Yes |
| Story(s) | 2 |
| Units | 11 |
| Building(s) | 1 |
| Acreage | 0.17 |
| Golf Course | Yes |
Interior
| Appliances | Dryer, Washer |
|---|
Exterior
| Lot Features | Eleven To Fifteen Units Acre |
|---|
Parking
| Parking Features | Covered, Tandem |
|---|---|
| Garage Yes / No | No |
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Biking, Curbs, Dog Park, Golf, Suburban, Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Santa Monica |
| Zip Code | 90403 |
| Area | C14 Santa Monica |
| Listing VS Median (in 90403) | |
Price: $5,485,000 low | high Med: $3,412,500 sqft: 7,494 low | high Med: 4,609 $ / sqft: $732 low | high Med: $762 On site: 4 low | high Med: 42.5 | |
Market Activity 90403
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Santa Monica |
| Zip Code | 90403 |
| Area | C14 Santa Monica |
| Listing VS Median (in 90403) | |
Price: $5,485,000 low | high Med: $3,412,500 sqft: 7,494 low | high Med: 4,609 $ / sqft: $732 low | high Med: $762 On site: 4 low | high Med: 42.5 | |
